Upside

11.03.11

Corzine Saga Another Blow to Wall Street

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Good news for the anti-Wall Street crowd: reckless greed, it turns out, isn’t paying off. While many people view the Jon Corzine saga as further proof that bankers are cheating the system and winning, the Daily Beast’s Zachary Karabell says just the opposite is true. The bankruptcy of MF Global Holdings actually shows that taking insanely risky bets no longer results in blockbuster profits. “The choice is increasingly between foolish, deadly risk and a steady, unspectacular, and less lucrative future,” he writes, adding that “the battle between the protests and Wall Street isn’t heating up. Wall Street has lost.”